BharatPe, a prominent player in India’s fintech sector, is under the spotlight as the Ministry of Corporate Affairs issues a notice under Section 206 of the Companies Act. The notice, directed at BharatPe, pertains to legal actions against the company’s founder, Ashneer Grover, in connection with an ongoing criminal case. This development stems from the controversy in 2022 when Grover faced allegations of using offensive language and threats against an employee of the Kotak Group.
The Ministry’s notice specifically requests details related to evidence submitted in the legal proceedings against Ashneer Grover. In response, BharatPe has affirmed its acknowledgment of the notice, expressing its commitment to cooperate with investigating agencies.
The fintech company had previously taken legal action against its own founder, filing a case against Ashneer Grover, his wife, and his brother. The allegations included misappropriation of funds and fraud, resulting in a claimed loss of Rs 88.67 crore.
The backdrop of legal conflicts involving Ashneer Grover, who co-founded BharatPe, includes accusations of threatening a Kotak Group employee for not facilitating Nayak’s IPO.
These legal developments present additional challenges for BharatPe, prompting scrutiny into corporate governance and internal disputes within the company.
